The FCA said it has also banned three of its former employees over the shortcomings related to finder's arrangements between the Swiss private bank and one if its clients. The three individuals are appealing the decision.

Julius Baer, which has not contested the FCA's fine and has paid the sum, said it a statement that it has apologised for the events leading up to the fine. The bank had previously disclosed in its half-year results that it had been cooperating with the FCA.

($1 = 0.8336 pounds)

(Reporting by Pablo Mayo Cerqueiro, editing by Huw Jones)